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Search Results 0 to 49 of about 120 (some duplicates have been removed)
beer for ten years. but the justice department says that solution does not go far enough. darren gersh, "n.b.r.," washington. >> susie: on wall street today, stocks finished lower on mixed news about the economy, and worries about tomorrow's important jobs report. jobless claims rose by 38,000, more than expected. consumer spending rose slightly in december, as personal income climbed 2.6%, the highest increase in eight years, on this last trading day of january, the dow lost almost 50 points, the nasd was unchanged, and the s&p fell about four points. despite the sell off today, january was a strong month for stocks. the dow surged 6%, its best january since 1994. a 4% gain on the nasdaq, and the s&p jumped 5%. on wall street, they say a big january for stocks usually means a big year as well, it's called the "january barometer." if stocks follow history, they could be up by 20% or more. will that hold true in 2013? joining us with his thoughts on that, scott wren, senior equity strategist, wells fargo advisors. so scott, are you changing any of your forecasts for this year based on t
confident the deal will go through. as darren gersh reports, the fight could be a sign more mergers will face a tougher time in washington. >> reporter: the justice department is not quite ready for a two-pack of brewers to control almost half the american beer market. in a statement announcing a lawsuit to block anheuser-bush inbev's $20 billion deal for mexican brewer modelo, assistant attorney general bill baer says >> if abi fully owned and controlled modelo, a.b.i. would be able to increase beer prices to american consumers. this lawsuit seeks to prevent a.b.i. from eliminating modelo as an important competitive force in the beer industry. anheuser-busch was not deterred, saying: >> we remain confident in our position, and we intend to vigorously contest the justice department's action in federal court. >> reporter: the proposed merger between the largest and third largest beer makers would create a company with 46% of the market in the united states. millercoors would be a distant third at 29%. antitrust expert barry lynn hopes the suit means the obama administration is finall
illegal behavior by a major ratings agency. as darren gersh reports, s&p is fighting back. >> reporter: what took so long? that's the reaction from critics who have long argued standard and poor's gave a stamp of approval to flawed mortgage securities that helped bring on the financial crisis. >> it has to do with the unique role that ratings agencies play in the entire system of selling and distributing securities and the claims that they de about their role for which they were paid handsomely. >> reporter: in a statement, standard and poor's said the justice department's lawsuit had no legal or factual merit. saying: "it would disregard the central facts that s&p reviewed the same subprime mortgage data as the rest of the market-- including u.s. government officials who in 2007 publicly stated that problems in the subprime market appeared to be contained." >> reporter: s&p goes on to argue that the securities at issue in the justice department's case were reviewed by another ratings agen and received the same rating. s&p says it also began downgrading many mortgage securities in 2006
the budget trade-off remains: balancing near-term economic pain against long-term gain. darren gersh, "n.b.r.," washington. >> tom: a trio of companies relying on consumers had some mixed financial results late today but were greeted with mostly encouraging reactions with their stocks. we will have details from restaurants panera bread and chipotle mexican grill in a moment. but first, disney. while earnings per share were down from a year ago, they were better than estimates. tuna amobi covers disney for s&p capital i.q. take us through some of the details and really the mix of income within this big media conglomerate. more than half of it comes from media networks like abc and espn, and a quarter coming from the parks and resorts, and 10% from the studio and film business, 15% from consumer products. is this a good mix? >> well, yes, is the short answer. i think this quarter in particular had a lot of noise around it. so i think the numbers are maxed within those numbers are a lot of one-time, non-recurring items, comparisons to the parks on the holiday ship for the new year. you've g
there is a loophole in the law that will allow him to make the change. darren gersh reports on the business fallout. >> reporter: first class mail is the postal service's most profitable product. it is also a business that is disappearing at the rate of 5% a year. >> people pay their bills online. it's simple, it's easy, it's free. you cannot beat free. >> reporter: and the postal service is tired of trying to beat free. so it plans to eliminate saturday home mail delivery beginning on august 5. the move will cost 22,000 workers their jobs and may save $2 billion a year. ut even th, will not be enough. more dramatic cuts will be needed. >> you can't support a system built for 200 or even 300 billion pieces, now we got 150 billion, which is still a boat load of mail. >> reporter: the business community is split on the end of saturday delivery. many companies worry they'll pay more to shore up the postal system. others fear the cutbacks will put them out of business. many rural newspapers depend on saturday deliver. and greeting card giant hallmark worries small towns and small businesses will be hit
to press lawmakers to keep the mail coming on the weekend. darren gersh, "n.b.r.," washington. >> tom: have you filled up your gas tank recently. it is costing more, a lot more. regular unleaded jumped 15-cents a gallon in a week. the national average is up to $3.54 a gallon. that's the biggest one week jump in nearly two years. and as erika miller explains, prices are expected to continue to climb in the weeks ahead. >> reporter: winter is supposed to be the time of year when gasoline is cheap. but that hasn't been the case lately. prices at the pump have risen 20 days in a row, and so far this month, prices are at the highest level for any february, ever. so why are prices rising so quickly? >> part of the root of that has to do with refinery outages that we've had-- a series of them over the past few weeks, and that has curtailed the production of gasoline, and therefore put upward pressure on gasoline prices. >> reporter: there are also fears refineries will face more interruptions, as they switch from winter to summer fuel blends. it's not just refinery issues pushing prices higher. mu
. darren gersh has more. >> reporter: with just a few weeks to go before automatic across the board spending cuts kick in, the president told fellow democrats his state of the union address next week will call for a change in course. >> i am prepared, eager and anxious to do a big deal, a big package, that ends this governance by crisis where every two weeks, or every two months, or every six months, we are threatening this hard-won recovery. >> reporter: republicans may not applaud during that part of the speech. they've blasted the president for offering symbolic solutions like a tax on corporate airplanes that would raise enough money to cover one month week of the automatic spending cuts know collectively as the sequester. given the stand off, analysts now predict the sequester will take effect as planned on march first. >> both sides of the aisle are teed up to pursue the battle of the sequester, because it's the fight they want to have. it was the price that they paid to avoid the fight over the debt ceiling and potential government shutdown. >> reporter: the president's state
for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but tt success was offset soewhat by imports of manufactured goods. >> the flip side of the coin is that our imports of non-oil goods are still going up. they're going up pretty rapidly. and that is of great concern to me as an economist. those are the things that compete with our own manufactured products. >> reporter: china remains a major competitor for u.s. co
to create jobs and grow the economy? washington bureau chief darren gersh reports. >> reporter: with more than half of americans thinking the economy is still in recession, it makes sense that the president is focused on a jobs agenda in his speech tonight. but while his plan may be new, the challenge is not. >> the economy is not growing fast because the demand for the goods and services that we can produce in this country has not increased very much. and unfortunately, the public sector purchases of consumption items and investment items has been incredibly weak compared with earlier recessions. >> reporter: state and local spending on roads, buildings and bridges has hit a seven-year low. it's fallen so far that even the massive stimulus plan was not enough to make up the gap, and that's the challenge for the president. he's expected to propose more spending on infrastructure tonight, but to make a big difference, the amount spent would have to be large enough to offset the downward trend for public projects. >> if there is no net change in the spending, which is the situation we've se
the measure would help or hurt workers and businesses, and the economy. darren gersh reports. >> reporter: supporters of a higher minimum wage increase point to studies showing little impact on employment after the pay at the bottom of the job market goes up. one reason is that employers may actually come out ahead when they are forced to pay workers more. productivity and job satisfaction improve and turnover falls. >> so employers get to reap the benefits of lower hiring and firing costs, lower turnover costs. hiring and firing is actually very expensive to companies, so if you pay people a little higher wage, they have more job stability. that's actually good for everyone. >> reporter: of course, we're talking about economics, which means there are other studies that show a minimum wage hike is most likely to hurt those who need it most. critics point to research showing the minimum wage will benefit teenagers and college students who work part time, but aren't poor. and it will hurt workers who need to work their way up. >> most of the people who earn the minimum wage today will be ea
families. but as darren gersh reports, solutions that help workers climb into the middle class and stay there are easy to talk about, but hard to implement. >> reporter: it may not solve all the problems, but a rapidly growing economy is a good place to start when it comes to creating middle class jobs. a tight labor market makes it possible for workers to demand raises and better benefits. which is why former obama adviser jared bernstein thinks econic austerity ishe wrong medicine to take right now. >> you have public governments across europe and the united states sort of pulling out their fiscal supports too soon and that's hurting the middle class. >> reporter: of course conservatives consider bloated public spending a burden that threatens long-run economic growth which would hurt the middle class. and that's part of the problem, there are sharp differences over the best way to generate middle class jobs. and there is also a cultural piece of the puzzle. tucked away in our collective memories is the id that a mide class jorequiring hard work and basic skills can and should support
. darren gersh reports. >> reporter: the president was flanked by emergency responders who'd be hit hard if automatic spending cuts take effect on march 1, and he placed the blame on republicans. >> so far, at least what they've expressed is a preference where they'd rather have these cuts go into effect than close a single tax loophole for the wealthiest americans. not one. >> reporter: as the clock ticks down to the sequester, democrats and republicans are hunkered down for a fight. even so, budget commission co- chairs alan simpson and erskine bowles tried to push both sides to talk, calling the automatic spending cuts stupid. but even simpson and bowles are not optimistic. >> they'll go to sequester, and americans will be furious and irritated and disgusted, and they are already. they're disgusted at these people. >> reporter: still, simpson and bowles are urging "these people" to aim higher. they've offered a new plan, calling for an additional $2.4 trillion in deficit reduction. $600 billion from tax increases, the rest from cuts in health care and other government programs and cha
. darren gersh digs deeper. >> reporter: in housing, one month does not a trend make. analysts shrugged off the news that housing starts fell last month, instead looking to encouraging trends on home prices, rents, and overall demand. >> there are gonna be these squiggles, blips in the market as things happen, just because they happen from month to month- - snow storms, weather, holidays, whatever, but right now we are in a recovering market. >> reporter: overall, homes sales are up more than 10% over last year. and builders are picking up the pace. they are now on track to build around 900,000 homes this year, but by the end of the year, the national association of realtors expects the pace to pick up to an annual rate of 1.1 million starts. that's great, but keep in mind a normal year for home construction is closer to 1.8 million. the outlook for apartments and other multi-family construction is also good, even though those starts dropped last month. rents rose 4.5% last year and researchers at zillow expect a similar increase this year. that's why investors are pouring into the market a
networks. in other words, the best policy is to think before you click. darren gersh, "n.b.r.," washington. >> susie: joining us now richard bejtlich. he's the chief security officer at mandiant, that's the cyber security firm working with the new york times and others, to combat recent attacks blamed on hacker groups in china. if he richard, let me begin by picking up on a point that darren brought up in his package there that your report says that companies and countries can be pinpointed of where the source of the attack really came from. can we actually do it that specifically? is that possible? >> it is possible when you have an acter that is so gressihat takes so much data over a sustained period of time n this case over seven years, 141 companies. you can't apply that to all actor its. but for a case like this you can make that conclusion. >> what advice do you have for companies that are on the one hand trying to make information available to employees and others and they put that information on the i cloud but on the other hand they have to save guard that information and protect
it are still only just being developed. darren gersh takes a look at the challenges of getting tough on cyber thieves. >> reporter: when a country like china dumps tires or other products on the u.s. market, it's pretty clear how to respond: raise tariffs and slap penalties on the producers. but how do you punish a chinese company that is suspected of receiving trade secrets through a government operation the government of china refuses to acknowledge? >> how you sanction a country with regards to cyber-espionage? i think we are still writing the book on that. it's a brand new area of exploration and i don't think policy makers really have the definitive word on how this will be accomplished. >> reporter: a new report says shanghai is home base for a massive chinese hacking effort that may involve thousands of people, but the u.s. and most other countries also employee secret armies of programmers engaged in some form of cyber- espionage. and that makes it harder to define a diplomatic solution to the problem. >> a lot of the most important military information in the world is on weapons syst
. darren gersh has more on the impact next month's planned automatic government spending cuts and layoffs may have on the economy. >> reporter: the economy is about to get a pain in the sequester. the f.a.a. is going to see a $600 million cut, meaning 47,000 employees will be furloughed for one day per paycheck, maybe two. peak travel to key cities could be snarled by late march. smaller airports may have to shut down altogether. you can find the list on the department of transportation's website. the administration denies these announcements are part of a campaign to pressure house republicans to change course and head off the cuts. >> the idea that we are doing this to create some kind of horrific scare tactic is nonsense. we are required to cut a billion dollars. and if more than half of our employees are at the f.a.a., the f.a.a.-- there has to be some impact. >> reporter: and the f.a.a. cuts don't include potential delays from cutbacks as t.s.a. furloughs employees. the defense department has already informed 800,000 workers they may be furloughed and face a 20% paycut as it struggle
. washington bureau chief darren gersh has details on the fed chairman's strong defense of his aggressive policy to support the economy. >> reporter: sure, there are risks when the federal reserve is buying almost $3 billion worth of bonds every day. but chairman ben bernanke told congress basically, "we got this." >> although a long period of low rates could encourage excessive risk taking, and continued close attention to such developments is certainly warranted, to this point, we do not see potential costs to the increased risk- taking in some financial markets is outweighing the benefits of promoting a stronger economic recovery and more rapid job creation. >> reporter: with unemployment stuck around 8% and inflation subdued at 1.5%, there are no economic red lights flashing. so bernanke gave no signals he was ready to change course or back away from his aggressive program to get the economy back to a more normal level of output. still, the fed chairman did reassure lawmakers he understood aggressively buying bonds to keep interest rates low was not a magical economic elixir. >> i thi
on march 27th when funding for much of the government is scheduled to run out. darren gersh, "n.b.r.," washington. >> tom: while lawmakers couldn't agree on a solution to the sequester, they did finally agree on something else late today: who will next lead the treasury. jack lew was confirmed as the next u.s. treasury secretary just a while ago, by a senate vote. >> tom: it's more bad news from j.c. penney. after the bell it posted fourth quarter results, coming in well below expectations. penney's lost $1.95 a share in the last three months of 2012, it was far worse than the $0.18 per share loss analysts had forecast. over theast year, thstoc has lost about half of its value, it fell below falling below $20 a share in after hours trading. >> reporter: well, you can't say >> reporter: well, you can't say j.c. penney c.e.o. ron johnson isn't trying new things, he's rolled out a series of changes to help revive the company since making the leap from apple to penneys in late 2011. first was a change to price strategy, going for "every day" value pricing, instead of sales and coupo
are called the sequester, and the worry is they could hit the u.s. economy hard. as darren gersh reports, president obama today asked congress to delay the cuts before the march 1 deadline. >> reporter: with $44 billion in spending cuts in defense and most other federal programs just weeks away, the president urged congress to pass a mix of spending cuts and tax increases to ease the immediate hit. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which
Search Results 0 to 49 of about 120 (some duplicates have been removed)